Confused about the different kinds of fiduciaries? You’re not alone.
Not all fiduciary services are the same.
NPPG Explains the Different Types of Fiduciaries and How to Find One That Fits Your Needs
NPPG, VP of Fiduciary Services, Suzanne Miscik, was invited on stage by Ian Altman, B2B Sales Expert, keynote speaker at the 2018 NAPA 401(k) Summit earlier in April to discuss the key differentiators between NPPG 3(16) Fiduciary Services versus other 3(16) “like” services.
Watch this quick video to learn the difference and how a 3(16) Fiduciary can best fit your needs:
Video Overview: Full-Scope 3(16) Fiduciary Services vs 3(16)-Like Services
3(16) “Like” Services:
- Operates base level 3(16) services.
- Does not provide liability reduction for the plan sponsor.
- Limited in scope and breadth.
Full-Scope 3(16) Fiduciary:
- Highest standard of care.
- Named in the plan document.
- Becomes a plan administrator for about 30 different administrative functions.
- Fully engaged to ensure compliance.
- Provides monitoring of fees and services to ensure reasonableness.
- Accepts legal process.
NPPG ERISA 3(16) Fiduciary Services
At Northeast Professional Planning Group, Inc., we recognize that selecting the “right” 3(16) fiduciary company is a very individual decision. As a full-scope 3(16) fiduciary that tacks on to retirement plans, we take on the responsibilities of the plan sponsor and minimize liability exposure so the plan sponsor can focus on company growth.
Alleviate your fiduciary risk by appointing NPPG as your ERISA 3(16) plan administrator today.